The Nasdaq enjoyed big gains yesterday, closing up almost four percent – but experts warned it may not last.

The tech-heavy index closed up 80.86 at 2166.44, putting it more than 32 percent higher than its 52-week low on April 4.

Bellwethers like Cisco Systems, Intel and Applied Materials all saw healthy gains but experts said the big problems with the techs – excess inventories – has not been solved.

“It was a nice rally,” said Luke Mazur, chief investment officer for Highmark Capital Management. “But we have more work to do.”

The tech gains came as the blue-chips posted their fifth-biggest point rise ever on lower-than-expected inflation numbers that came out yesterday.

While the techs rose in sympathy, market pros expect the blue-chip gains to be more durable. That’s because companies gorged on new technology last year and don’t have much of an appetite for the latest whiz-bang software and hardware.

“Are companies going to spend with these lower rates, given the fact that they have all new stuff?” asked Mazur.

Even with lower rates making money more available to companies, they may spend on talent or capital improvements instead of technology.

“Just because the money is available doesn’t mean they are going to buy,” said Michael Davey, tech analyst with Investec Ernst & Co agrees: